J.C. Penney has hired bankers at Blackstone Group for advice on how the struggling department-store chain can raise $1 billion in cash, The Wall Street Journal reported, citing people familiar with the matter.

One option could be to sell a minority stake in Penney, and the company has reached out to and heard from possible investors including private-equity firms, the people told the newspaper.

The latest news follows the retailer's move on Monday to oust CEO Ron Johnson after 17 months on the job.